Johnson has been the interim CEO of Overstock because the finish of August, when Patrick Byrne stepped down. Johnson is presently additionally a member of the corporate's board of administrators, president of Medstock Ventures, the enterprise capital division of Overstock, and chairman of the board of its blockchain-focused subsidiary tZERO Group. Johnson said:
“Overstock has two distinctive firms. (…) I’ve achieved each and I understand how to unlock the worth in every worth. I’m satisfied that we are able to rapidly make our retail commerce worthwhile once more. Our transformative blockchain firms proceed to steer their respective industries by placing actual merchandise into manufacturing. "
Overstock additionally revealed that former finance director Robert Hughes has appointed performing finance director to switch Greg Iverson.
Impulse behind Byrne's resignation
As beforehand reported, Byrne cited the announcement of his controversial relationship with Maria Butina because the impetus for breaking ties with Overstock. In his letter of resignation, Byrne confirmed his perception that "the blockchain revolution will reform vital social establishments." Nonetheless, the query is to what extent this perception will information the way forward for Overstock within the absence of Byrne.
Earlier in September, Byrne Paid practically 4.eight million Overstock (OSTK) shares, which accounted for greater than 13% of the corporate. Byrne later revealed one public letter, during which he revealed his plans to cease buying and selling in one thing else besides the three belongings which are & # 39; countercyclical to the financial system & # 39; together with gold, silver and & # 39; two flavors of crypto & # 39 ;.